Tag: Remittance

Fiserv has announced that several banks and credit unions will join Zelle, a P2P payments network from Early Warning.

Citizens Bank, Dollar Bank, First National Bank of Pennsylvania and SchoolsFirst Federal Credit Union will join the P2P network through Turnkey Service provided by Fiserv. Previously announced clients include Ally Bank, Bank of the West and BECU.

The Zelle payments network allows customers to send funds from one bank to another using only a recipient’s email address of mobile number. The Turnkey solution by Fiserv centralizes all the P2P services into a single platform.

The Digital Person-to-Person Payments in the U.S.: The Competitive Landscape report by Aite Group shows that financial institutions held 83% of the digital P2P market share in 2016, while alternative payment providers had 17%. The report has also revealed that in 2015 cash and checks were the preferred method of American consumers for P2P payments, highlight that there is room for online payments expansion.

Swift has announced that it has implementation plans in place with four of Australia’s major banks to implement is gpi service.

The four banks named, being Commonwealth Bank, Westpac Bank, ANZ Bank and National Australia Bank have all been reportedly signed up to go live or planning the implementation phases.

SWIFT gpi seeks to improve the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of cross-border payments.

Over 110 transaction banks from Europe, Asia Pacific, Africa and the Americas are already signed up to use the service and more are expected to join. Thousands of cross-border payments are today being sent using this new standard, bringing immediate benefits to gpi banks and their corporate customers.

Now live, the first phase of SWIFT gpi focuses on business-to-business payments, helping corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies. Thanks to SWIFT gpi, corporates can today receive an enhanced payments service from their banks, with following key features:

Faster, same day use of funds*

Transparency of fees

End-to-end payments tracking

Remittance information transferred unaltered

The second phase of SWIFT gpi will enable the digital transformation of cross-border payments, by allowing banks to:

Transfer rich payment data along with the payment, including additional line item details necessary for compliance checks, in an effort to enhance the reconciliation of a payment with multiple invoices.

TransferWise, the UK-based payments money transfer company, is launching a new service allows customers to make cross-border payments in a wide range of currencies.

TransferWise has implemented a “borderless scheme” to improve the efficiency of sending money around the globe. The service will initially only be available for small businesses and freelancers in the UK and Europe, and will be available to those in the US next month.

This type of function will allow businesses who are challenged with moving money from one country to another an alternative to a normal bank transfer process or even PayPal. Normally global financial institutions such as Citibank and HSBC for example, offer such schemes to their customers.